A SCENARIO WITH 3 POSSIBILITIES FOR ETH IN SEPTEMBER 2021A SCENARIO WITH 3 POSSIBILITIES FOR ETH IN SEPTEMBER AND OCTOBER
In our last analysis scenario on ETH which is published recently, we have considered the possible pull back of ETH from $3600-$3800 zone.
In this post, we will have a more detailed look at three possibilities on ETH movements these days.
There is a "Bearish Shark Pattern" formation on ETH 4H chart by reaching to $3600 which can have two possibilities:
Possibility 1: If the bulls can keep their rally, ETH can breakout the descending channel and face with the trend key resistance at $4000. If successful, then it can continue to hit new targets like $4200 and $4400.
Possibility 2: if ETH cannot breakout the descending channel, then faces with a downward pullback to the channel midline. This can be considered as formation of 5-0 bullish pattern which can result in successful breakout from the descending channel in upcoming weeks. This can be more possible as we also predicted in our recently published ETH analysis a possible pullback to accumulation zone.
Possibility 3: There is also a possibility of failure of ETH in successful pullback from accumulation zone, and expecting further corrections towards the support zone ($3100-$2900).
All these possibilities depend largely on high leveraged position at the major exchanges! Crypto market is highly affected these days by market-making strategies of major exchanges in dealing with high leveraged long and short position!
Our overall prediction for ETH in Q4 is bullish, however, September is always the month of unexpected market movements.
Have a profitable trade ahead.
